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IPOS

Brave few tackle choppy IPO waters

African Gold Ltd (ASX: A1G) Edwards told Paydirt sister publication Canterbury listed in March after an IPO
GMJ the company would work quickly to which saw it net $6.15 million. The company
African Gold Ltd (ASX: A1G) may not assess the potential of the ground which will likely need most of that cash to go into
have had the immediate success of has been subject to intense artisanal the ground as it begins its hunt for elephants
stablemate Bellevue Gold Ltd but the activity. in Papua New Guinea, Vanuatu and
West African-focused gold explorer can “We have some ideas for that, but we Queensland.
still be satisfied with its debut year on won’t dwell on the properties, we will The company had already attracted the
the bourse. assess them, make a decision and move support of Rio Tinto Ltd which entered
The company hit the ASX in February on if necessary. We won’t drag our heels a JV to farm-in and then acquire the
following a $4.5 million IPO pushed on a deposit; we are still looking for that Bismarck project on Manus Island, leaving
by its high-powered board of Evan elusive 5 moz gold project,” he said. Canterbury to sole-fund its Briggs copper
Cranston (chairman), Steve Parsons and African Gold launched a maiden project in Queensland.
Tolga Kumova (directors). drilling programme on the Sitakili It appears to have been a clever move.
Led by highly experienced African gold and Boubou/Bourdala permits in Mali In December Canterbury confirmed a
geologist Glenn Edwards, African Gold before Christmas. The company said potentially large-scale discovery at Briggs.
has built a package of prospective gold the 5,000m RC programme would Drilling during the December quarter
tenements across West Africa. initially test seven high-priority targets. encountered broad intervals of copper over
It started the year as an exclusively Few of these targets have been drilled a 600m strike length, with widths of up to
Ivorian explorer with the Agboville previously and Edwards stated his 350m and depths of at least 500m. The
project, 50km north-west of Abidjan, amazement that West Africa could still drilling included best hits of 197m @ 0.22%
heralded as its flagship. The company produce virgin ground. copper, 370.5m @ 0.27% and 130.8m
drilled 174 holes over a 10km strike “It’s incredible that our target areas @ 0.2%.
at Agboville, confirming the bedrock either have never been drilled or that Canterbury managing director Grant
source to the gold anomalism and they have only a handful of holes drilled Craighead declared himself pleased with
returning hits of 9m @ 1.24 g/t gold and over 20 years ago,” he said. the outcome of the 2019 drilling programme,
6m @ 1.12 g/t from surface, as well as pointing to SolGold plc and Stavely Minerals
6m @ 1.42 g/t from 8m. Canterbury Resources Ltd Ltd as indicators of the market enthusiasm
In November, the company expanded successful porphyry explorers could
its West African footprint with the (ASX: CBY) generate with the right results.
acquisition of ground on the Kedougou- The investment case for Canterbury On December 18, the company announced
Kenieba Inlier – host to the prolific Mali- Resources Ltd (ASX: CBY) is relatively it was raising an additional $1.49 million via
Senegal Shear Zone – and along strike simple; find a major copper-gold porphyry a placement and SPP to help fund further
of Resolute Mining Ltd’s Syama gold system and begin attracting the interest of drilling and a maiden resource estimate
mine, both in Mali. the majors. for Briggs.

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